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Circle Co. purchased a piece of equipment by paying $10,000 cash. Circle Co. also incurred a shipping cost of $600 to get the equipment back to its factory. The fair value of this equipment is $11,000. For what amount should Circle Co. record the equipment?

a) $10,000

b) $10,600

c) $11,000

d) $11,600

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9413621

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